Stimulus Checks for Up to $4,700 Begin Arriving in Bank Accounts

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Seniors and low-income people who do not file tax returns can finally submit their information to the Internal Revenue Service to receive their coronavirus stimulus checks, but others who need to update their information from their latest tax returns will have to wait longer. "The tweet read, "#IRS deposited the first Economic Impact Payments into taxpayers' bank accounts today. Some people didn't know if they'd earn a stimulus check as a non-filer, but the IRS confirms they're eligible through the "Non-Filers Enter Payment Info Here' portal that debuted on Friday".

The distributions are part of the $2.2 trillion economic relief package passed by Congress in March.

Married couples who file joint returns will receive $2,400 if their adjusted gross income is under $150,000.

Those eligible for the payments received a minimum of $1,200 if they earn less than $75,000.

The checks begin to phase out for individuals making more than $75,000 and end for those who make $99,000 or more. Most who are eligible for payments can expect to have funds direct-deposited into the same bank accounts listed on previous years' tax filings sometime next week. The first beneficiaries are those who have filed their tax returns for 2018 and 2019.

The IRS said that most taxpayers will receive the checks without having to take any action themselves.

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The IRS has just announced that it has released an online tool that will help speed up the process for people that are in need of the coronavirus stimulus check.

But if you opted for a check from the IRS, you will get your bailout payment by check. By this strategy, the IRS is set to mail out 5 million checks a week, The Washington Post reports. Some will have to first file a tax return or register online in order to receive their payments.

Eligible taxpayers who filed tax returns for either 2019 or 2018 and chose direct deposit of their refund will automatically receive their payments next week.

If you file as head of household as many single parents do, the AGI limits are higher. It appears that all applicants need to provide a mobile phone number and verify they can receive text messages at that number, but beyond that the rest of the identity checks seem to be optional. Treasury Secretary Steven Mnuchin previously pushed for payments to go out as early as April 6. The payment will not be taxed.

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